Business advisory firm FTI Consulting Inc (FCN.N) posted third-quarter results well below Wall Street expectations, hurt by higher expenses and lower consulting revenue from corporate finance and restructuring services.
Net income for the third quarter was $21.9 million, or 47 cents a share, compared with $37.5 million, or 70 cents a share, in the year-ago period.
Revenue in the period ended Sept. 30 fell to $346.1 million from $348.6 million in 2009's third quarter.
Sales by FTI's finance and restructuring division fell by 14 percent, to $109.7 million from $127.8 million. That loss offset smaller gains by its litigation consulting, technology and strategic communications businesses. Revenue for economic consulting edged down slightly.
Excluding special items, the company earned 47 cents a share, below average analyst estimates polled by Thomson Reuters of 61 cents.
Revenue for the business advisory company was $346.1 million, down marginally from $348.6 million a year ago, missing the Street’s view of $351.31 million.
For the quarter, the Company generated $73.9 million in cash from operations.
FTI Consulting, Inc. (FCN) is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment.Stock Twiter
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